DECA Marketing Management(aakarsha)

Marketing

- management process through which goods and services move from concept to the customer

4 P's of Marketing

1) Product: identification, selection and development

2) Price

3) Place: selection of a distribution channel to reach the

customers

4) Promotion:development and implementation of a

promotional strategy

Brand Identity

- visible elements of a brand (colors, design, logotype, name, symbol) that together identify and distinguish the brand in the consumers' mind

Promotion

- marketing function that communicates information about goods, services, images, and ideas to achieve desired outcome

Types of Promotion

- discounts

- flash sale

- loyalty points

- coupons

- price-match

Promotional Mix

- allocation of resources among 5 primary elements

1) advertising

2) public relation / publicity

3) sales promotion

4) direct marking

5) personal selling

Advertising

- nonpersonal promotions

- paid media communications

Public Relation / Publicity

- promote positive image

Sales Promotion

- in store displays and price incentives

Direct Marketing

- advertising directly at target

ex) coupons on mail

phone

Personal Selling

- face to face communication

Direct Distribution Channel

- goods and services move directly from the producer to the consumer or industrial user

Indirect Distribution Channel / Wholesale Distribution

- goods and services move from the producer to the channel members and then to consumers or industrial users

Intermediaries

- a person who acts as a link between people in order to try to bring about an agreement or reconciliation

- a mediator

Retailers

- organizations that sell products directly to final consumers

Wholesalers

- organizations that purchase products from suppliers, such as manufacturers or other wholesalers, and in turn sell these to other resellers, such as retailers or other wholesalers

Industrial Distributors

- Firms that work mainly in the business-to-business market selling products obtained from industrial suppliers

Resellers

- generally purchase or take ownership of products from the marketing company with the intention of selling to others

- also known within some industries as intermediaries, distributors or dealers

Economic Service

- intangible activity that is performed by other people for a certain amount of money

- productive acts that satisfy economic wants

Flow Charts

- explain relationships

Benefit of Insurance

- protects a business against financial loss

Accrual Method

- records transaction at the time they occur even if no money changes hands at that time

- likely used by large businesses

- type of accounting method

Cash Method

- work best with small companies that do not offer customer credit or have large outstanding debt

- type of accounting method

Equity

- assets a company already owns and can use to finance a new venture

Dividends

- sums of money paid to investors or stockholders as earnings on investments

Accounts Receivable

- all the money owed to the business

Decision Problem

- problem from the manager's persepective

Research Objectives

- formal statements about what the marketing-research study will achieve

Situation Analysis

- exploratory research that uncovers more information about the problem and the business environment

Exploratory Research

- helps businesses define a marketing issue, situation, opportunity, or concern

Casual Research

- focuses on cause and effect

- tests "what if" theories

- conducting experiments which involve manipulating one or more independent variables and examining the outcome

Descriptive Research

- involves gathering specific information related to a specific issue, situation, or concern

Sample Design

- method for selecting sampling units out of the population

Stratum

- group of sampling units within the population`

Semantic Differential

- set of options from which they must choose an answer

- type of itemized scale used to measure attitudes

- provides seven spaces which are bounded by antonyms at each end in which the respondent chooses which best describes their feelings about the object/idea

Likert

- measures respondent's level of agreement with a statement

Stapel Scale

- 10 point scale that places the phrase in the middle and requires the respondent to mark which series of positive or negative numbers best describes their feeling about the phrase in relation to the object/idea

Touch Point

- opportunity a company has to connect with its customers and potential customers

- customer watching tv commercial, browsing a company's website, interacting with a salesperson

Marketing Plan

- set of procedures for attracting the target customer to a business

- identifies the nature of a company, how it will operate, and what its goals and objectives are

Ethical Marketing

- effort to advertise more ethically, it reflects positively on every area of that business

Marketing Careers

- Field Marketing Manager

- Brand Manager

- Internet Marketing Manager

- Market Research Manager

-Marketing Management Profile